High Yield Calendar: $2.015 billion being marketed

MAY 23 WEEK

SUNSTATE EQUIPMENT CO. LLC and SUNSTATE EQUIPMENT CO. INC.: $170 million senior secured second-lien notes due 2017 (Caa2/CCC+); Bank of America Merrill Lynch (sole); Rule 144A for life; non-callable for three years; 101% poison put; proceeds, together with proceeds from new credit facility, to refinance 10½% second-lien notes due 2013 and repay a portion of the existing credit facility; Phoenix-based company provides construction, industrial, and special-event companies with rental tools and equipment; price talk 11% to 11¼%; books close 10 a.m. ET Thursday, pricing expected Friday.

MAY 30 WEEK

ENDO PHARMACEUTICALS HOLDINGS INC.: $700 million senior notes (/expected BB-/), tenor and call structure to be determined; Bank of America Merrill Lynch, Morgan Stanley & Co., Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. (joint), Barclays Capital Inc., RBC Capital Markets (co's); Rule 144A with registration rights and Regulation S; 101% poison put; also $2.9 billion credit facility; to help fund its acquisition of American Medical Systems, expected to close in third quarter of 2011, and refinance AMS debt and Endo's existing credit facility; Endo is a Chadds Ford, Pa.-based specialty health care company; roadshow starts May 31; global investor call June 1; pricing expected June 3.

W&T OFFSHORE, INC.: $600 million senior notes due 2019; Morgan Stanley & Co., Inc. (sole), BNP Paribas Securities, Global Hunter Securities, Iberia Capital Partners, LLC, ING, Lloyds TSB Securities, Natixis Bleichroeder, Scotia Capital, TD Securities (co's); Rule 144A with registration rights; non-callable for four years; to fund the cash tender offer for the 8¼% senior notes due 2014, or redeem or repurchase notes not tendered, to repay revolver debt and to fund a portion of the recent acquisition in the West Texas Permian Basin; independent oil and natural gas company based in Houston; investor call 11 a.m. ET May 31; pricing late in the week of May 30.

TFS CORP.: $175 million senior secured notes due 2018 (B3/B/); Global Hunter Securities, Clarkson Capital Markets, Knight Securities; non-callable for four years; to fund land acquisitions and general corporate purposes; Nedlands, Western Australia-based owner and operator of sandalwood plantations; price talk 11¾% area (earlier guidance was 10% to 10¾%).

GULF OFFSHORE LOGISTICS, LLC: Revised $110 million senior secured notes due 2016: $75 million first-lien floating-rate notes, price talk Libor plus 750 bps with a 200 bps Libor floor at 99, and $35 million second-lien fixed-rate notes, price talk 12¼% coupon at about 99 to yield 12½%; Global Hunter Securities, Knight Capital; both tranches callable in three years at 103; to repay debt and for general corporate purposes; Raceland, La.-based provider of marine transportation and logistical services to the oil and gas industry.

INTEGRA TELECOM HOLDINGS, INC.: $260 million senior notes due 2016 (expected ratings Caa2/CCC), the deal could resurface as an add-on to the 10¾% senior secured notes due April 15, 2016; J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc. (joint); Rule 144A and Regulation S for life; non-callable for two years; to repay existing credit facility and for general corporate purposes; Portland, Ore., fiber-based telecommunications carrier; roadshow started May 17.

EXPECTED JUNE BUSINESS

AMC NETWORKS INC. (RAINBOW MEDIA HOLDINGS LLC): $750 million senior notes; Bank of America Merrill Lynch, J.P. Morgan Securities LLC; also $2.175 million new bank debt; to finance the spin-off from Cablevision Systems Corp., refinance existing debt at Rainbow Media as well as to repay $1.25 billion of Cablevision and/or CSC Holdings LLC debt, and for general corporate purposes; Bethpage, N.Y.-based telecommunications, media and entertainment company; expected June business.

INC RESEARCH LLC: $250 million bonds backed by $250 million Libor plus 750 bps bridge loan (1.25% Libor floor), commitments due late May 2011; Morgan Stanley; also $425 million credit facility; to help fund its purchase of Kendle International Inc.; INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization; Kendle is a Cincinnati-based clinical research organization.

DUOCOMMUN INC.: $200 million senior notes; UBS Securities LLC and Credit Suisse Securities (USA) LLC (joint); also $240 million credit facility; to fund its acquisition of LaBarge Inc., expected to close in the second quarter of 2011, and repay debt; Ducommun is a Carson, Calif.-based provider of engineering and manufacturing services to the aerospace and defense industry.

NEWLEAD HOLDINGS LTD.: $120 million senior secured bonds due 2016; Rule 144A and Regulation S; to finance certain vessel purchase commitments, to refinance the debt of certain vessels and for general corporate purposes; Piraeus, Greece-based international, vertically integrated mixed fleet shipping company.

RURAL/METRO CORP.: New high-yield bonds and credit facility; Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Jefferies & Co. are leading the financing; to help fund the acquisition of the company by Warburg Pincus; Scottsdale, Ariz.-based provider of emergency and non-emergency ambulance services and private fire protection services.

SARATOGA RESOURCES INC.: $150 million first-lien senior secured notes; to refinance substantially all of the company's debt; oil & gas development and exploration company with operations in Southern Louisiana and offices in Houston and Covington, La.

ON THE HORIZON

AES CORP.: $1 billion of senior notes and DPL INC.: $1.25 billion senior notes; also $1.05 billion bank debt led by Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc., commitments due May 23; to help fund the acquisition of DPL Inc., the parent company of the Dayton Power & Light Co.; AES is an Arlington, Va.-based generator and distributor of electricity. DPL is a Dayton, Ohio-based power supplier.

AMERICAN TOWER CORP.: Expected issue of high-yield notes, as part of a refinancing of bank debt maturing in 2012; Boston-based wireless and broadcast communications infrastructure company.

CAPSUGEL: €325 million bridge loan backing a proposed €325 million notes; also $1.07 billion credit facility to be led by UBS Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., KKR Capital Markets and Mizuho Securities USA Inc.; to help fund the buyout of the company by Kohlberg Kravis Roberts & Co LP from Pfizer Inc. for $2.375 billion in cash, expected to close in the third quarter of 2011; Peapack, N.J.-based manufacturer of hard capsules and drug-delivery systems.

DNO INTERNATIONAL ASA: $200 million to $300 million senior secured bonds due 2016; Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA; for general corporate purposes; Oslo, Norway, oil and gas exploration and production company.

GGC SOFTWARE HOLDINGS INC.: $560 million senior notes and $1.115 billion credit facility; Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, Deutsche Bank Securities Inc. are leading the financing; to fund the LBO of Lawson Software by Golden Gate Capital and Infor Global Solutions, expected to close in third quarter of 2011; St. Paul, Minn.-based enterprise software developer.

INTERNATIONAL WIRE GROUP, INC.: $110 million senior secured notes due 2015; to fund one-time distribution to stockholders and option holders; consent solicitation via Wells Fargo Securities, LLC expires on April 1; Camden, N.Y.-based electrical wire manufacturer.

KRUGER INC.: Up to C$210 million PIK toggle notes (upsized from C$200 million); GMP Securities; project finance; Montreal-based paper products manufacturer.

LODGENET INTERACTIVE CORP.: Possible debt financing that could include bonds; to repay bank debt; Sioux Falls, S.D.-based provider of interactive media and connectivity services to the hospitality industry and interactive patient education, information and entertainment systems to health-care facilities; ($435 million six-year senior secured second-lien notes, B3/B/, via Bank of America Merrill Lynch, J.P. Morgan Securities LLC, put on hold Sept. 28 as company announced it is seeking alternatives).

NAL OIL & GAS: C$150 million to C$250 million notes; RBC Capital Markets, BMO Nesbitt Burns; Calgary, Alta., trust acquires interests in Canada's upstream conventional oil and gas industry.

PREMIER FOODS PLC (Ba2/BB/BB): New high-yield bonds; to settle swap agreements, diversify sources of funding and reduce reliance on bank debt; St. Albans, England-based food producer; possibly launching during Feb. 21 week.

SI ORGANIZATION INC.: $175 million senior subordinated notes; J.P. Morgan Securities LLC; to help fund $815 million to help fund Veritas Capital's acquisition of Lockheed Martin Corp.'s Enterprise Integration Group; Valley Forge, Pa.-based provider of engineering, integration services, modeling, simulation, analysis and risk mitigation services to the U.S. intelligence community; possible early 2011 business.

SILGAN HOLDINGS INC.: $400 million senior subordinated notes (with the ability to issue $500 million senior notes) and $4 billion credit facility; Bank of America Merrill Lynch; to help fund the acquisition of Graham Packaging Co. Inc., expected to close in the third quarter of 2011; Silgan is a Stamford, Conn.-based manufacturer of consumer goods packaging products.

ROADSHOWS

Starts May 31: ENDO PHARMACEUTICALS HOLDINGS INC. $700 million; Bank of America Merrill Lynch, Morgan Stanley & Co., Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc.

Pricing late May 30 week: W&T OFFSHORE, INC. $600 million; Morgan Stanley & Co., Inc.

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